BlackRock reports Q2 2009 net income of $218 million or $1.59 per diluted common share due to improving momentum in the business.
As adjusted, the reported net income is at $1.75 per diluted common share or $239 million, including operating income of $1.44 per diluted share, non-operating income of $0.20 per diluted share and an $0.11 per diluted share benefit primarily from a favorable tax ruling received during the quarter. The adjusted net income is 117 percent higher than that for Q1 2009.
"Our second quarter results reflected the strength of our global focus on investment performance, client service and cost management," commented Laurence D. Fink, Chairman and CEO of BlackRock.
"We worked closely with clients and distribution partners to serve renewed investor appetite for higher return assets, a key driver underlying net new business results for the quarter. We also continued to benefit from growing momentum in investment and fiduciary outsourcing, as clients look to firms that can provide comprehensive investment solutions. Similarly, we continued to capitalise on demand for risk management tools and advice through our BlackRock Solutions offerings," added Fink.
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